OCC's Hsu Urges Banks To Heed 'Better Angels' On Crypto

By Jon Hill (August 16, 2021, 8:48 PM EDT) -- The Office of the Comptroller of the Currency's acting chief on Monday advised caution for banks contemplating cryptocurrency offerings, saying they should be listening to their "better angels" as they decide how to proceed prudently rather than just chasing client dollars.

Speaking at the Consumer Bankers Association's "CBA Live" virtual conference, acting Comptroller Michael Hsu said that he's seen bank leaders' interest in cryptocurrency take off over the past 12 to 18 months thanks to surging customer demand.

Whereas banks might have previously kept their distance from the digital asset space out of concern about anti-money laundering compliance and other risks,...

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